Staples (Nasdaq: SPLS) reported Q2 EPS of $0.12, in-line with the analyst estimate of $0.12. Revenue for the quarter came in at $4.8 billion versus the consensus estimate of $4.78 billion.

Second Quarter 2016 Highlights

Staples Business Advantage, the company’s North American contract business, achieved sales growth of one percent on a GAAP basis and three percent on a local currency basis after excluding a negative impact of approximately two percent due to the sale of the company’s Staples Print Solutions business during the second quarter of 2016.

Excluding pre-tax charges of $953 million during the second quarter of 2016 and $34 million during the second quarter of 2015, the company improved operating income rate by 14 basis points on a non-GAAP basis.

Grew operating income in North American Commercial by $8 million, or six percent, and improved operating income rate by 40 basis points versus the second quarter of 2015.

Reduced operating losses in International Operations by $8 million, and improved operating income rate by 91 basis points versus the second quarter of 2015.

Closed five stores during the second quarter of 2016 and 19 stores year to date in North America as part of a plan to close at least 50 stores in North America during 2016.

Ended the second quarter of 2016 with $1.7 billion in liquidity, including $775 million in cash and cash equivalents.

GUIDANCE:

Staples sees Q3 2016 EPS of $0.32-$0.35.

For earnings history and earnings-related data on Staples (SPLS) click here.